The Distribution of Environmental Damages -- by Solomon Hsiang, Paulina...
Most regulations designed to reduce environmental externalities impose costs on individuals and firms. An active body of research has explored how these costs are disproportionately born by different...
View ArticleA Tough Act to Follow: Contrast Effects In Financial Markets -- by Samuel M....
A contrast effect occurs when the value of a previously-observed signal inversely biases perception of the next signal. We present the first evidence that contrast effects can distort prices in...
View ArticleDirected Search: A Guided Tour -- by Randall Wright, Philipp Kircher, Benoit...
This essay surveys the literature on directed/competitive search, covering theory and applications in, e.g., labor, housing and monetary economics. These models share features with traditional search...
View ArticleThe Employment Effects of Mexican Repatriations: Evidence from the 1930's --...
During the period 1929-34 a campaign forcing the repatriation of Mexicans and Mexican Americans was carried out in the U.S. by states and local authorities. The claim of politicians at the time was...
View ArticlePredicting Relative Returns -- by Valentin Haddad, Serhiy Kozak, Shrihari...
Across a variety of asset classes, we show that relative returns are highly predictable in the time series in and out of sample, much more so than aggregate returns. For Treasuries, slope is more...
View ArticleOptimal Regulation with Exemptions -- by Louis Kaplow
Despite decades of research on mechanism design and on many practical aspects of cost-benefit analysis, one of the most basic and ubiquitous features of regulation as actually implemented throughout...
View ArticleThe End of Free College in England: Implications for Quality, Enrolments, and...
Despite increasing financial pressures on higher education systems throughout the world, many governments remain resolutely opposed to the introduction of tuition fees, and some countries and states...
View ArticleBusy Directors: Strategic Interaction and Monitoring Synergies -- by...
We derive conditions for when having a "busy" director on the board is harmful to shareholders and when it is beneficial. Our model allows directors to condition their monitoring choices on their...
View ArticleParalyzed by Panic: Measuring the Effect of School Closures during the 1916...
We leverage the 1916 polio pandemic in the United States as a natural experiment to test whether short-term school closures result in reduced educational attainment as an adult. With over 23,000 cases...
View ArticlePareto Efficient Taxation and Expenditures: Pre- and Re-distribution -- by...
This paper shows that there is a presumption that Pareto efficient taxation entails a positive tax on capital. When tax and expenditure policies can affect the market distribution of income, those...
View ArticleExecutive stock option exercise with full and partial information on a drift...
We analyse the valuation and exercise of an American executive call option written on a stock whose drift parameter falls to a lower value at a change point given by an exponential random time,...
View ArticleA Structural Model for Fluctuations in Financial Markets. (arXiv:1709.10277v1...
In this paper we provide a comprehensive analysis of a structural model for the dynamics of prices of assets traded in a market originally proposed in [1]. The model takes the form of an interacting...
View ArticleClassification of the Bounds on the Probability of Ruin for L{\'e}vy...
In this note, we study the ultimate ruin probabilities of a real-valued L{\'e}vy process X with light-tailed negative jumps. It is well-known that, for such L{\'e}vy processes, the probability of ruin...
View ArticleObstacle problems for nonlocal operators. (arXiv:1709.10384v1 [math.AP])
We prove existence, uniqueness, and regularity of viscosity solutions to the stationary and evolution obstacle problems defined by a class of nonlocal operators that are not stable-like and may have...
View ArticleDistributions of Centrality on Networks. (arXiv:1709.10402v1 [cs.SI])
In many social and economic networks, agents' outcomes depend substantially on the centrality of their network position. Our current understanding of network centrality is largely restricted to...
View ArticleThe Strength of Absent Ties: Social Integration via Online Dating....
We used to marry people to which we were somehow connected to: friends of friends, schoolmates, neighbours. Since we were more connected to people similar to us, we were likely to marry someone from...
View ArticleOut-there Scenarios I: ISIS is Funded by a Major Asset Management Firm
I break risk management into three levels, Versions 1.0, 2.0, and 3.0.Risk Management 1.0 is the standard risk management of VaR and the like, where history is used as a guide, and thus where things...
View ArticleAgile Project Management For Dummies, 2nd Edition
Agile project management is a fast and flexible approach to managing all projects, not just software development. By learning the principles and techniques in this book, you'll be able to create a...
View ArticleThe JCMS Annual Review of the European Union in 2016
Produced in association with the Journal of Common Market Studies (JCMS), the Annual Review covers the major developments in the European Union in the past year.read more...
View Article
